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Report: Walton's contract with Lakers worth $5-6M per season over 5 years

Rich Schultz / Getty Images Sport / Getty

Luke Walton is set to cash in on a big payday with his new team.

The 36-year-old bench boss has reportedly signed a five-year deal (four years guaranteed) at $5-6 million annually to becomes the Los Angeles Lakers next head coach, according to ESPN's Marc Stein. The Lakers announced Friday that Walton would join the team following the conclusion of the Golden State Warriors season.

Related: Lakers hire Luke Walton as head coach

Since retiring from the league in 2013, Walton has quickly made his way up the coaching ranks, serving as both an assistant and interim head coach during the Warriors record-breaking campaign.

Walton is more than familiar with the Lakers, spending his first eight and a half seasons in the league with the organization.

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